Mentha oil trends down on demand hit

“As long as prices of Mentha oil November MCX holds the support at Rs 1,780, expect to continue pullbacks towards Rs 1,835/1,845 levels for the day,” added Geojit Financial Services.

Mentha oil prices moved down in futures trade on Friday as market participants took profit after weak demand from consuming industries at the spot market.

MCX Mentha oil futures were 1.42 per cent down at Rs 1,794.30 per kg at around 11.15 am.

“Profit booking halts the rally. The price action is getting interesting on the daily chart as Mentha oil is facing resistance at Rs 1,815 levels, which happens to be an important top which was made in early September. This top needs to be taken out by bulls for extension of the uptrend that we are seeing since October series starting. Within a shorter timeframe, the trend still seems to be intact and we suggest going long on dips around Rs 1,760-1,770 for an upside to Rs 1,810 levels in November contract,” Mustafa Nadeem, CEO, Epic Research, said.

“As long as prices of Mentha oil November MCX holds the support at Rs 1,780, expect to continue pullbacks towards Rs 1,835/1,845 levels for the day,” added Geojit Financial Services.

On other agricultural commodities, Geojit added that if cardamom November MCX stays above Rs 1,400, upside moves are more likely towards Rs 1,450 levels. It also expects volatile to choppy trading session for the day in Dhaniya November NCDEX.